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2022-03-31-accounts

Registered number: 02868675 Charity number: 1034374

DRAKE MUSIC

(A Company Limited by Guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

DRAKE MUSIC

Legal & Administrative Details

Chairman C de Swiet
Trustees C de Swiet
J A Bickerton
A Gowan-Webster_- Treasurer_
E Salmon
J Stodd
C Bray –resigned 1 September 2022
G Griffiths –resigned 1 September 2021
M Lloyd –resigned 1 December 2021
R Shapey -resigned 1 December 2021
Chief executive C Meijer
Founder A Drake, FRSA
Company registered number 02868675
Charity registered number 1034374
Registered office Richmix
35-47 Bethnal Green Road
London
E1 6LA
Independent Examiner Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London SE18 6SS
Bankers CAF Bank Limited
Kings Hill
West Malling
Kent
ME19 4TA
Solicitors Russell-Cooke LLP
2 Putney Hill
London
SW15 6A

DRAKE MUSIC

Contents

Contents
1-8 Trustee’s report
9 Independent examiners’ report
Accounts comprising;
10 Statement of financial activities
11 Balance sheet
12 Statement of cashflows
13-23 Notes to the accounts

DRAKE MUSIC

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022

Chairs Report

Driving our way through the past two years and securing the successful future of Drake Music has been our focus this year. The impact of the pandemic will be felt for years to come for many charities like ours. We are no exception in this struggle, but I am pleased to report that we have managed our way through this difficult time and are now looking forward to the time when we are thinking less about survival, and more about the joy of the work we do.

We must recognise that everyone we work with has been through similar struggles, including a variety of partner organisations, staff, freelance musicians, and the many artists and beneficiaries of our services. However, the strength of conviction from our delivery team has been outstanding and fantastic work has continued throughout.

Our sincere thanks go to our funders who continue to support us, Arts Council England, Youth Music, Esmee Fairbairn, Clothworkers and so many other trusts and foundations. Our successes include our DM Collective, Artist in Residence programme, Think 22, DMlab in London and the Northwest, and the collaborative work between many gifted disabled artists. Programmes with schools and orchestras, Learning and Participation, Arts Collaboration and many other National and International creative relationships are flourishing.

Our commitment to the Social Model of Disability is at the forefront of all that we do. We have undertaken operational and cultural reviews of what is expected of us by those we serve. A survey of stakeholders and found that above all else people felt that Access and Wellbeing are priority investment areas for our charity. We must become more effective at removing the barriers that disabled people face when they work with us.

During the spring this year, our CEO Carien Meijer, decided that after 16 very successful years in post, that it was time for change. Carien, stepped down on the 30th September 2022, but will continue to support Drake Music whilst we search for someone new to lead Drake Music into its exciting and creative future.

Charles de Swiet

Chair

14 December 2022

DRAKE MUSIC

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees, who are directors for the purposes of company law, present their Annual Report together with the financial statements for the year ended 31 March 2022.

Objectives and activities

Drake Music (DM) are leaders in music, disability and technology. We are a national organisation, making innovative and imaginative use of technology to remove disabling barriers to music-making. We are innovators, educators, makers, curators and advocates. We believe everyone has the right to express themselves creatively through music.

Our vision is a world where Disabled people have the same range of opportunities as non-Disabled people, and a culture of music-making where Disabled and non-Disabled musicians of all ages participate, collaborate, create and perform as equals; and where equality, access and inclusion are the norm. We put quality music-making at the heart of everything we do, connecting people locally, nationally and internationally.

We explore, develop and test different ways of working at the intersection of music, disability and technology, breaking new ground in terms of artistic and participatory practice. Our work is underpinned and shaped by the Social Model of Disability.

DM is governed by a Disabled-led board of Trustees, who attend quarterly Board Meetings. The Finance Committee, chaired by our Treasurer, meets quarterly. DM has a Trustee lead for Equality, Diversity & Inclusion and a Trustee Lead for Safeguarding. The CEO – accountable to the Board - is responsible for the day-to-day direction and leads a skilled team of staff and associates.

Our main office is at Rich Mix Cultural Foundation in East London. Our programmes and projects are delivered across the country by a team of staff and associates, often in partnership with local and regional organisations. We support a thriving volunteer community of instrument makers, coders and Disabled musicians in Manchester and London. In addition to delivering activities in regional hubs, we will continue to work in partnership with artistic & learning communities and colleagues across the country and internationally to ensure the widest possible reach of disabled musicians of all ages.

During 2021/22, we delivered much of our work online and continued to develop and deliver a cohesive participatory, training, artistic and research programme that, while innovative and pushing the boundaries of what is possible, constantly checks in with disabled musicians and other stakeholders to ensure that our outcomes are needs-driven. Extending the reach and deepening the impact of our work will remain key priorities over the coming years.

Strategic Objectives

Our overall direction, practice and programmes are underpinned by the following strategic objectives:

  1. Disabled musicians, learners, producers, managers, makers and curators are at the heart of our research, artistic, training & participatory practice.

  2. Be at the forefront of and lead on artistic, participatory and technological developments and innovation within our field, sharing our practice nationally and internationally.

  3. Facilitate, champion and advocate for equality, access, authenticity and inclusion, across the workforce, our programmes and practice

  4. To be a resilient, sustainable and flexible business, relevant and responsive to the communities we serve.

DRAKE MUSIC

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022

Short Term Aims

In order to meet our long-term strategic goals, we have a number of short-term aims:

Governance

Drake Music is a registered charity and a company limited by guarantee. Our governing document is the Memorandum and Articles of Association, last amended on 10th November 2008, which states that Drake Music's object is 'the advancement of the education of Disabled people of all ages in the Arts, and in particular the art of music'. Our governing body is a Board of Trustees, including a Chair and a Treasurer.. Details of the legal and administrative information can be at the start of the annual report and accounts.

Our powers are to:

The trustees have referred to the guidance of the Charity Commission on public benefit, including the guidance Public benefit: running a charity (PB2), in undertaking our activities and in the planning of our future initiatives. We believe that all the work we undertake demonstrates a clear benefit to the public which is in line with our charitable objects and our strategic objectives.

Activities

In order to deliver our strategic objectives, our approach includes partnership-working with a broad range of individuals and organisations including schools, universities, arts organisations, local authorities, music services, software and hardware developers as well as musicians, technologists, composers and artists from other disciplines. Our aim is to share our knowledge and expertise widely to advocate for equality and diversity, and to improve access to music-making across the board.

In service of our strategic objectives, we have undertaken several significant activities – these included

DRAKE MUSIC

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022

Appointment and induction of Trustees

Our aim is to have nine Board members in place. However, we are currently recruiting for three new trustees.

Trustee posts are advertised in the usual way, using Drake Music’s recruitment guidelines for diverse advertising, and encouraging applicants from under-represented groups.

New board members receive some governance training & induction. They also receive an induction pack, which includes policies relevant to board members and current best practice documents such as Good Governance: a code for the voluntary and community sector. We also encourage on-going training for Trustees such as an introduction to finance.

Decision Making

The Trustees are ultimately responsible for setting the strategy of the organisation. The CEO is responsible for the delivery of the strategy.

Staff remuneration

All senior personnel appointments, including setting pay and remuneration, are ratified by the Board of Trustees.

Drake Music looks to other charities for benchmarking to see what they pay for equal positions at role creation.

Risk Management

The trustees have a risk mapping system in place that is reviewed at their quarterly Board meetings.

An annual review of risk is undertaken by the executive team and presented to the Board. This informs the risk map and covers the following areas:

Financial Risks

One of the main financial risks to the organisation is that the Arts Council of England become unable or unwilling to continue funding Drake Music ass a National Portfolio Organisation. The most likely reasons for this are that they must make cuts due to government mandate or that they withhold funding due to concerns about governance or execution. Whilst we have less direct influence on government mandated cuts, we can, and are, mitigating against the impact of such cuts by building reserves and working towards a fundraising model that requires less dependence on this core funding. Another major risk is the loss of

DRAKE MUSIC

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022

earned and fundraised income and a downturn in Drake Music’s earning potential as a direct result of the Covid-19 crisis.

Workforce Risks

During 21/22 there have been further risks to our charity. Dramatic changes to working practice due to COVID, demanded changes to our whole management structure and ethos.

Sickness levels were high including that of the CEO, and delivering programmes became increasingly difficult. Lack of staff due to sickness, people struggling with remote working, also led to a heightened sense of remoteness and lack of cohesion and support within the workforce. It has been a problem that many organisations struggled with, Drake Music is no exception. Many became frustrated by the lack of resources and capacity, which was difficult to alleviate.

Serious Incident Report

Sadly, due to the workforce risks highlighted above, we had a whistleblowing incident during the summer of 2021. We had failed to meet the access needs of three people working with us. We were all shocked and mortified by this event. In response we commissioned an Independent Investigation into this event and reported it to our funders and made a Serious Incident Report to the charities commission. We also worked closely with the Musicians Union in support of the three individuals concerned. The learning from this event has had a lasting impact upon our organisation.

Learning and Action

Having had a detailed and independent investigation into the whistleblowing incident and a detailed survey, we now have a set of additional priorities for our charity. The report that emanated from the investigation was a series of recommendations that we are now implementing. It will take time to make these changes, but the detailed action plan is in place and being monitored by the Board. Our Short Term Aims now include the Recommendations and Action Plan made by the Independent Investigator and the feedback from our Stakeholder Survey. Progress is being made. We have a robust risk management process in place which includes these risks.

In spite of the many challenges we faced this year, we have delivered outstanding work throughout England and beyond.

Public Benefit Test

Under the terms of The Charities Act 2011, the Board of Trustees have a statutory duty to report on the Charity's compliance with the Public Benefit Test. The Board of Trustees consider that the aims and objectives of the Association are able to deliver a public benefit and have given due regard to that fact.

Achievements and performance

The financial results for the year are set out in the Statement of Financial Activities on Page 10. The Charity has a deficit position of £29,500 which is made up of a surplus of £75,193 on unrestricted funds & a deficit of the £104,693 on restricted funds as at 31 March 2022.

Principal Funding

During 2021/22, Drake Music's principal funders were Arts Council England, Youth Music, Esmée Fairbairn Foundation and the PRS Foundation.

Drake Music is an Arts Council National Portfolio Organisation (NPO). This funding (secured until March 2023) contributes to the organisation's core costs. Securing core or unrestricted funding is an ongoing

DRAKE MUSIC

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022

challenge and, as such, Arts Council England’s support is critical for our organisation's financial and organisational sustainability.

In March 2022, the Garfield Weston Foundation made a grant of £30,000 to support core costs. In July 2021, Drake Music also received a discretionary grant from Cockayne Grants for the Arts, for core costs.

As the Covid-19 pandemic continued to have an impact, Drake Music received a grant from Arts Council England’s Culture Recovery Fund #2, supporting staff and access costs.

THINK22: 2021/22 was the fourth year of Think22, Drake Music’s strategic programme funded by Youth Music. The programme’s aim is to increase musical opportunities for Disabled children and young people, through strategic and sustainable partnership work with Music Education Hubs. By encouraging inclusivity, we aim to remove disabling barriers in music education, impacting far beyond the four years of the protect.

DM COLLECTIVE: The DM Collective artist development programme (which incorporates the Emergent, Ascendant and Artist-in-Development programmes) benefited from the support of the Esmée Fairbairn Foundation (the second year of a three year funding agreement). Funding for this programme in 2021/22 also came from: PRS Foundation, Harold Hyam Wingate Foundation, The Fenton Arts Trust, The D’Oyly Carte Charitable Trust, The Leche Trust and The Idlewild Trust. It should be noted that the majority of DM Collective was postponed to 2022-23 and much of this funding was carried forward.

PLANTED SYMPHONY: Having been delayed by the pandemic, Drake Music’s touring production Planted Symphony took place in summer 2021. Funding for Planted Symphony was received during this financial year from Arts Council England (National Lottery Project Grant), The Michael Tippett Musical Foundation and The RVW Trust.

LEARNING, PARTICIPATION & TRAINING: Our South West programme, Platform – including ongoing work with the Electric Storm Ensemble in Somerset and music-making sessions for Disabled adults and young people in Bristol – was supported by the Joyce Fletcher Charitable Trust, Peter Sowerby Foundation and Bristol Music Trust. We continued to develop our Orchlab project, using accessible technology to provide inclusive music-making opportunities for Disabled adults in London – with the support of the London Philharmonic Orchestra. In September 2021 we launched Tiny Techies, a new, twoyear, pilot project, exploring how Drake Music’s innovative, technology-oriented approaches to inclusive music-making can be adapted to positively impact the learning and development of Disabled children in the early years. This project (which runs until summer 2023) is funded by the Masonic Charitable Foundation and the Ragdoll Foundation.

RESEARCH & DEVELOPMENT: Arts Council England’s Capital Kickstart grant was claimed for equipment to support the development of Drake Music’s Accessible Musical Instrument Collection (AMIC). The R&D programme (including AMIC and Drake Music’s innovation incubator community, DMLab) was also supported with donations from The Lucille Graham Trust, London Catalyst and Trafford Council.

INDIVIDUAL GIVING & COMMUNITY FUNDRAISING: Charlie Williams was a 24 year-old musician and DJ who died in a tragic accident in Australia in April 2021. His family and friends set up a Just Giving page in his memory, as Charlie was passionate about increasing access to music. To date, funds raised in memory of Charlie Williams (including Gift Aid and a donation of £25,000 from The David Family Foundation) have exceeded £50,000. Drake Music also continues to receive other individual donations, principally via Just Giving, often made in memory of individuals or raised at concerts or events. Donations also continue to be made in memory of Lucy Hale. In December 2021, an anonymous donation of £10,000 was also made via Just Giving.

DRAKE MUSIC

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022

Financial review

The accounts for the year ended 31 March 2022 show a deficit on restricted funds of £104,693 (2021: surplus of £59,056) and a surplus on unrestricted funds of £75,193 (2021: £89,613), resulting in an overall deficit of £29,500 (2021: surplus of £148,669). Unrestricted funds at year end were £334,801 (2021: £259,608). Restricted funds decreased to £121,659 (2021: £226,352). The charity does not have any designated funds. Cash decreased to £427,327 (2021: £440,718).

The year ended 31 March 2022 is the fourth year of a four-year Arts Council England funding cycle - extended by a year due to the COVID-19 emergency - and the revenue funding remained the same at £197,615 (2021: £197,615). Total income remained fairly constant at £714,864 (2021: £720,337).

During the same period, total expenditure increased to £744,364 (2021: £571,668).

Reserves Policy

The trustees reviewed the reserves policy in December 2019, examining the cost of an orderly wind-up and decided to reduce target reserves from 6 months' of operating costs to 3 months'.

While we acknowledge that it is vital to maintain a suitable level of reserves, the trustees also recognise that it is important that we do not hold more than we need to help us through unforeseen circumstances, and to help us to commit to longer term projects. The trustees are satisfied that 3 months' worth of operating costs will fulfil these eventualities, though this will be kept under review.

Plans for the future

We aim to continue to focus on retaining a strong identity, clarity and cohesion and on being a sector thought leader. We will fight for music as a human right, create and deliver the best possible opportunities by, with and for Disabled people and tackle injustice and marginalization in music-making.

Many of the Disabled people we work with experience exclusion, isolation, prejudice on a daily basis. For many, making music is a – often the – way to express themselves and have agency. Before the pandemic, Disabled people already faced multiple disadvantages. Covid-19 has brought this inequality and marginalisation into even sharper focus. The impact of the pandemic will continue to be felt for many years to come.

It has also been a challenging time for the DM team and for many of our partners and other stakeholders. The delivery of some of our programmes has highlighted a range of challenges, particularly relating to accessibility. We have fully embraced the changes that need to happen.

Changes related to the Recommendations and Action Plan from the whistleblowing investigation, and the feedback from our Stakeholder Survey, are now an integral part of our Short Term Aims and wider Strategy. They are being implemented and will continue to be embedded throughout 2022/23 and beyond.

Going forward, Drake Music will ensure that it remains relevant, resilient, sustainable and responsive to the diverse range of musical and access requirements of Disabled artists, participants, audiences, staff and associates. We will remain acutely aware of the ongoing social, economic and political impact of Covid on our communities, organisation and on society in general.

We are therefore fully committed to continue to deliver a diverse range of programmes and activities throughout 2022/23/24 and strive to achieve our strategic objectives as outlined in our Strategic Plan and Short Term Aims.

DRAKE MUSIC

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022

Statement of the Board of Trustees Responsibilities

The members of the Board of Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations.

Company law requires the members of the Board of Trustees to prepare financial statements for each financial year. Under that law, the members of the Board of Trustees have elected to prepare the financial statement in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements the members of the Board of Trustees are required to:-

The members of the Board of Trustees are responsible for the management of the Association's activities in accordance with its Memorandum and Articles of Association and the keeping of proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association, to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Signed on behalf of the board of Trustees on 14 December 2022

……………………………. Charles de Swiet Chairman and Trustee

INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF DRAKE MUSIC FOR THE YEAR ENDED 31 MARCH 2022

I report to the charity trustees of the company for the year ended 31 March 2022, which are set out on pages 10 to 23.

Responsibilities and basis of report

As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s report

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Kate Taylor FCA

For and behalf of Simpson Wreford LLP, Chartered Accountants

Institute of Chartered Accounts in England and Wales

Wellesley House Duke of Wellington Avenue London, SE18 6SS Dated: 16 December 2022

DRAKE MUSIC

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

----- Start of picture text -----
Unrestricted Restricted
Notes
Funds Funds Total funds Total funds
2022 2021
£ £ £ £
INCOME 3
Donations and legacies 334,023 266,043 600,066 636,150
Charitable activities 114,742 - 114,742 84,060
Investment income 56 - 56 127
TOTAL INCOME 448,821 266,043 714,864 720,337
EXPENDITURE ON: 5
Raising funds 25,932 - 25,932 33,920
Charitable activities 347,696 370,736 718,432 537,748
TOTAL EXPENDITURE 373,628 370,736 744,364 571,668
NET INCOME/(EXPENDITURE) 75,193 (104,693) (29,500) 148,669
Transfers between funds - - - -
NET MOVEMENT IN FUNDS 75,193 (104,693) (29,500) 148,669
RECONCILIATION OF FUNDS
Total funds brought forward 259,608 226,352 485,960 337,291
Total funds carried forward 334,801 121,659 456,460 485,960
----- End of picture text -----

The Statement of Financial Activities includes all gains and losses in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 23 form part of these financial statements.

DRAKE MUSIC

BALANCE SHEET AS AT 31 MARCH 2022

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Notes 2022 2021
Fixed Assets
Tangible assets 7 17,772 29,252
Current Assets
Debtors 8 56,293 82,938
Cash at bank and in hand 427,328 440,718
483,621 523,656
Creditors
Amounts falling due within one year 9 (44,932) (66,948)
Net current assets 438,689 456,708
Total net assets 456,460 485,960
The Funds of the Charity 12
Unrestricted Funds 334,801 259,608
Restricted Funds 121,659 226,352
456,460 485,960
----- End of picture text -----

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The trustees have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements on pages 10 to 23 were approved by the Trustees on 14 December 2022 and signed on their behalf by

_____ Charles de Swiet Chairman and Trustee

Company Number: 02868675 (England & Wales)

DRAKE MUSIC

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2022

----- Start of picture text -----
Notes 2022 2021
£ £
Cash used in operating activities
Net cash provided by/(used in) operating activities 16 (10,687) 180,316
Cash flows from investing activities
Interest income 56 127
Purchase of tangible fixed assets (2,760) (32,294)
Cash provided by/ (used) in investing activities (2,704) (32,167)
(Decrease)/Increase in cash and cash equivalents in the year (13,391) 148,149
Cash and cash equivalents at the beginning of the year 440,718 292,569
Total cash and cash equivalents at the end of the year 427,327 440,718
----- End of picture text -----

DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting Policies

1.1 Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

Drake Music meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern.

1.2 Charity information

Drake Music is a registered charity, registration number 292440 and in consequence is exempt from taxation on income arising from and expended on its charitable activities.

The charity is a company limited by guarantee, incorporated in England and Wales. The registered office is Richmix, 35-47 Bethnal Green Road, London, E1 6LA.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

During the year, the affairs of the Association were managed by the Committee of Management who constitute Directors for the purposes of the Companies Act 2006. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per Trustee of the charity.

The financial statements are prepared under historical cost convention. The principal accounting policies, all of which have been applied consistently throughout the year.

1.3 Going Concern

The financial statements have been prepared on a going concern basis.

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. In particular, the trustees have considered the charitable company's forecasts and projections and have taken account of pressures on fee income in the light of coronavirus pandemic. The trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future and for at least 12 months from the date of approval of these financial statements. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

1.4 Fixed Assets

Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Computer & Office Equipment three years straight line Project Equipment three years straight line Accessible Musical Instrument Collection three years straight line

1.5 Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

1.6 Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

1.7 Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

1.8 Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.

1.9 Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2.0 Debtors and creditors receivable/ payable within one year

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

2.1 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2.2 Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2.3 Charitable funds

Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.

DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

2.4 Hire purchase and finance leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.

2.5 Pensions and other post retirement obligations

The charity contributes to defined contribution personal pension schemes of staff at the rate of 3% of annual salary. The cost of providing pensions for employees is charged to the Statement of Financial Activities in the year in which the contributions are due.

2.6 Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Critical accounting estimates and judgements

Preparation of the financial statements requires management to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are cased on historical experience and other factors that are considered to be relevant. Actual results my differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

Management have not made any individual critical accounting judgements that are material to the Charity.

Key sources of estimation uncertainty

Key sources of estimation uncertainty are those which present a significant risk of potential material adjustments to carrying amounts of assets or liabilities within the next financial year. These are outlined below:

Tangible fixed assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See accounting policies for the useful economic lives for each class of asset. The carrying amount is £17,772 (2021-£29,252).

DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3.1 Income from donations and legacies

3.1 Income from donations and legacies

Donations
Grant income
Government grants
Arts Council England - revenue funding
Arts Council England - accessible music instrument collection
Arts Council England - emergancy funding
Arts Council England - culture recovery fund
Arts Council England - planted symphony
Arts Council England - NPO
Grants - other agencies
PRS Foundation
Sobell Foundation
Garfield Weston Foundation
Ford Britain Trust
Bruce Wake Charitable Trust
Awards for All
Clothworkers Foundation
Duchy of Lancaster Benevolent
Garrick Charitable Trust
Foyle foundation
John James Foundation
Help Musicians UK
Youth music
Joyce Fletcher Charitable Trust
Other organisations
Masonis Charitable Trust
Ragdoll Foundation
The Harold Hyam Wingate Foundation
Esmee Fairbairn Foundation
Esmee Fairbairn Foundation
Austin Hope Trust
Paul Hamlyn Foundation
D'Oyly Carte CT
The Fenton Arts Trust
The Leche Trust
The Idlewild Trust
Michael Tippett Musical Foundation
Sonos Soundwaves Partnership
Ralph Vaughan Williams Trust
Lucille Graham Trust
Peter Sowerby Foundation
London Catalyst
Granada Foundation
K Tafford
Cockayne Foundation
David Family Foundation		 Unrestricted
Restricted
2022 Total
2021 Total
£
£
£
£
34,744
7,500
42,244
8,856
839
-
839
9,864
-
-
-
197,615
-
-
-
21,599
-
-
-
15,000
42,325
-
42,325
84,650
-
59,821
59,821
-
197,615
-
197,615
-
-
1,760
1,760
1,470
-
13,650
13,650
11,610
-
-
-
3,000
30,000
-
30,000
15,000
-
-
-
2,850
-
-
-
2,500
-
-
-
9,870
-
-
-
25,000
-
-
-
500
-
-
-
4,800
-
-
-
15,000
-
-
-
5,000
-
1,300
1,300
11,700
-
110,664
110,664
65,923
-
5,000
5,000
5,000
-
-
-
640
-
-
-
19,400
-
8,000
8,000
8,000
-
6,000
6,000
6,000
-
-
-
46,202
-
-
-
23,101
-
-
-
1,000
-
-
-
15,000
-
4,350
4,350
-
-
3,600
3,600
-
-
2,000
2,000
-
-
4,000
4,000
-
-
2,500
2,500
-
-
13,980
13,980
-
-
750
750
-
-
3,000
3,000
-
-
9,168
9,168
-
-
4,000
4,000
-
-
3,000
3,000
-
-
2,000
2,000
-
3,500
-
3,500
-
25,000
-
25,000
-
334,023
266,043
600,066
636,150

DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3.2 Income from charitable activities

3.2 Income from charitable activities

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|2022 Total|2021 Total| |£|£|£|£| |Learning, Participation and training|63,868|-|63,868|50,303| |Think22|18,194|-|18,194|15,957| |Research and development|-|-|-|8,800| |Arts and collaborations|32,680|-|32,680|9,000| |114,742|-|114,742|84,060|

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4. Income by activity

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Accessible
Arts and Music Learning,
collaboration Instrument Participation Research and
s Collection Core and training development Think22 General 2022 Total
£ £ £ £ £ £ £ £
Donations 12,500 - - 7,500 11,000 11,244 42,244
Grant income 111,951 4,760 42,325 22,168 9,000 110,664 256,954 557,822
Earned incoome - CYP - - - 5,360 - - - 5,360
Earned Income - International 5,480 - - - - - - 5,480
Earned Income - UK 27,200 - - 58,508 - 18,194 - 103,902
Other income - - - - - - 56 56
157,131 4,760 42,325 93,536 20,000 128,858 268,254 714,864
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5. Total expenditure

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|||| |---|---|---| |2022 Total|2021 Total| |5.1|Charitable activities| |Project costs|11,726|10,129| |Direct costs|297,152|165,443| |Premises costs|46,240|46,372| |Publicity and promotion|34,307|16,584| |Depreciation, amortisation and other similar costs|14,241|13,892| |Staff costs|236,009|257,848| |Support costs|78,756|27,480| |718,431|537,748| |5.2| |Support costs| |Staff trainging and recruitment|5,889|3,346| |Office expenses|9,465|8,773| |Travel and subsistence|9,577|387| |Governance costs|198|-| |Independent examination|4,500|2,660| |Consultancy and training|23,836|9,361| |Legal and professional fees|25,043|2,566| |Bank charges|248|387| |78,756|27,480|

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DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Staff costs

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Staff costs for the year were as follows: 2022 2021
£ £
Salaries and wages 158,431 236,425
Social Security costs 15,879 15,166
Staff pension costs 4,836 6,257
179,146 257,848
The average number of staff employed during the year, was as follows:
2022 2021
Charitable activities 8 12
Ther number of employees whose emoluments fell within the following bands was:
2022 2021
£ £
£60,001 - £70,000 1 1
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7. Tangible Assets

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Project Office Accessible
Equipment Equipment Instruments Total
Cost
At 1 April 2021 84,254 14,464 32,208 130,926
Additions - - 2,760 2,760
At 31 March 2022 84,254 14,464 34,968 133,686
Depreciation
At 1 April 2021 82,513 12,062 7,099 101,674
Charge for year 1,741 1,012 11,488 14,241
At 31 March 2022 84,254 13,074 18,587 115,915
Net Book Value
At 31 March 2022 - 1,391 16,382 17,772
At 31 March 2021 1,741 2,402 25,109 29,252
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DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Debtors

----- Start of picture text -----
2022 2021
£ £
Trade debtors 26,996 32,964
Accrued income 18,788 35,862
-
Prepayments 3,603
Other debtors 10,509 10,509
56,293 82,938
9. Creditors
2022 2021
£ £
Trade Creditors 33,397 42,838
Accruals 2,400 7,895
Deferred income 2,250 8,950
Other creditors 2,884 1,574
Social security and other tax 4,001 5,691
44,932 66,948
----- End of picture text -----

10. Taxation status

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11. Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

DRAKE MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12. Reconciliation of funds

----- Start of picture text -----
As at 1 April As at 31
Restricted funds 2021 Income Expenditure Transfers March 2022
Learning, Participation and training 40,900 22,168 (63,068) - -
Research and development 7,810 9,000 (10,140) - 6,670
Arts and collaborations 82,000 119,451 (158,574) - 42,877
Think22 29,361 110,664 (112,359) - 27,666
Accessible Music Instrument Collection 44,760 4,760 (5,074) - 44,446
Culture Recovery Fund 21,521 - (21,521) - -
226,352 266,043 (370,736) - 121,659
Unrestricted funds
General Funds 259,608 448,821 (373,628) - 334,801
Total funds 485,960 714,864 (744,364) - 456,460
----- End of picture text -----

13 Restricted funds

The specific purposes for which the funds are to be applied are as follows:

Learning, participation & training - work in this programme received support from the John James Foundation, Joyce Fletcher Charitable Trust, Masonic Charitable Trust and Ragdoll Foundation.

Research & Development: project received support from the Duchy of Lancaster Benevolent Fund and Garrick Charitable Trust.

Arts & Collaborations: National programme support was received from Bruce Wake Charitable Trust funding for Planted Symphony, PRS Foundation (as a Talent Development Partner), The Sobell Foundation, Garfield Weston Foundation, Awards for All, Foyle Foundation, Help Musicians Uk, Harold Hyam Wingate Foundation and The Esmee Fairbairn Foundation.

Think 22 is nationally supported by Youth Music Strategic Fund C.

The Accessible Music Instrument Collection received funding from the Arts Council England (capital projects fund), Ford Britain Trust and Clothworkers Foundation.

Culture Recovery Fund - grants programme covered by Arts Council England.

Emergency Fund - funded by Arts Council England through 'National Portfolio Organisations and Creative People and Places' lead organisations programme.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

DRAKE MUSIC

14. Operating lease commitments

At 31 March 2022 the company was committed to making the following payments under noncancellable operating leases:

2022 2021
£ £
Payments due 17,025 42,562

15. Deferred income

Income of £2,250 (2021: £8,950) has been deferred either to match the period of terms on the grant documentation or the terms of the invoices. for the following:

2022
Programme fees - £2,250
2021
Programme fees - £8,950

Income of £8,950 was released in the current period.

16. Reconciliation of net income/(expenditure) to net cash flow from operating activities

----- Start of picture text -----
2022 2021
£ £
Net movements in funds (29,500) 148,669
Add back: Depreciation 14,241 13,893
Deduct: Interest show in investing activities (56) (127)
(Increase)/decrease in debtors 26,644 (7,927)
Increase/(decrease) in creditors (22,016) 25,808
(10,687) 180,316
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